Forex Daily Forecast, Analysis and Prediction

Based on Doug’s analysis of the EUR/USD, the strength of the USD creates an investment opportunity in the following positions: “Low” or “Below”, “Touch Down” or “No Touch” on the EUR/USD.

I start my EUR/JPY analysis looking at the USD/JPY and I see that on the daily chart we have already made a retracement to the daily 55 ema and that the upper Bollinger band was closed and pointing down, this gives a bearish appearance.

The EUR/USD maintains its bearish flair. On the weekly chart price has once again fallen outside and below the lower Bollinger Band and has been doing what we refer to as 'Walking the Band' It makes its way back in the band just a bit, touches the 5 ema then seems to always fall back out and below the lower band.

This pair has been a bit unpredictable. The GBP has been stronger than the EUR, but the USD has been stronger than both.

This pair continues to look extremely bullish to me. It is in a critical area where I would expect it to have resistance since it is between the 38.2 and 50.0 fib levels of the previous move down but is has busted the 38.2 fib level and I expect it to make its way at least to the 50.0 level at around 0.9438 which is still over 200 more pips away.

Before I look at this pair, I start out taking a quick peak of the EUR/CHF and it appears to me that the EUR/CHF is range bound across all timeframes. Next, I take yet another quick peek at the GBP/CHF and it appears to be slightly bullish.

The Greenback is extending its gains against its northern cousin, the Loonie. A few hours before the open of the London session we see that price on the USD/CAD has broken through resistance at 1.0487/1.0500 and looks strong.

The GBP/CAD Daily Chart appears to be forming a head & shoulders formation, indicating that price could drop soon.

To buy once trend comes closer to or touch 103.850 price point 0.618 Fib level.

Today's daily EUR/USD chart has given us a great bearish continuation formation. Price action hit a high of 1.3690 before falling and closing below the resistance level (1.3649).

For this analysis i will skip the weekly chart today and go straight to the daily. It appears that yesterday as well as the day before there had been buying pressure at the 50.0 fib level of the previous move up.

Today with the EUR/JPY pair I start out with the daily chart and I notice it looks a lot like the EUR/USD pair, but then again, the correlation between the two said pairs has always been strong.

Finally, it appears the USD/CHF is beginning to roll over a bit. On the weekly price is bouncing off the 55 and upper Bollinger Band and the stochastic is in the overbought zone.

Price has recently come off of a daily bottom noticeable on the weekly chart and it does look like price want to fib from its recent large move down. So far we are just above the 21.4 fib level but I expect price to head to at least the 38.2 fib level which is almost 200 pips above so I think this pair has a ways to go so I remain very bullish on this pair at the moment.

There are ema crossovers taking place which makes this pair look bullish but a visit back to the ema's is what may be needed for this pair to continue up.